105
A near-default by a major player has become a flashpoint for South Korea’s struggling petrochemical industry, intensifying concerns over corporate debt and prompting government calls for restructuring — with hints of possible intervention, if needed.
Authorities are prepared to act if necessary, according to a financial regulatory official familiar with the matter. The government’s 100 trillion won ($72 billion) market stabilization program — implemented in past crises, including an incident involving a Legoland amusement park in 2022 — is on standby to be used, though officials haven’t seen signs of market contagion, the person said.
